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Question
Using the figures given below, frame problems based on profit percent or loss percent.
Cost price of 8 articles is ₹ 1200 each, selling price ₹ 1400 each.
Solution
Problem: Madanlal bought 8 almirahs each at Rs 1200 and sold them all at Rs 1400 each. What was the percentage of his profit or loss?
Cost price of 1 almirah = Rs 1200
∴ Cost price of 8 almirahs = 8 × 1200 = Rs 9600
Selling price of 1 almirah = Rs 1400
∴ Selling price of 8 almirahs = 8 × 1400 = Rs 11200
Since selling price is more than cost price, then there is a profit.
Profit = Selling Price − Cost Price
= 11200 − 9600
= Rs 1600
Let x % be the Madanlal's profit in this transaction. Then,
`"x"/100 = "Profit"/"cost price" = 1600/9600`
`=> "x"/100 xx 100 = 1600/9600 xx 100`
`=> "x" = 50/3 = 16 2/3`
∴ Madanlal made a profit of `16 2/3 %` in this transaction.
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